Trade Balance in Nigeria

Nigeria Trade Balance | Economic News & Forecasts

Nigeria - Trade Balance

Available indicators point to more upbeat activity in Q2, on the heels of relatively-subdued growth in Q1. According to preliminary OPEC data, oil production picked up noticeably in Q2, which, coupled with higher crude prices, on average, in the same period, suggests that the sector helped buoy overall GDP growth. Moreover, the PMI trended marginally above the first-quarter average, signaling that business activity largely retained momentum in Q2. That said, a marked fall in confidence among consumers, primarily on their weaker assessment of household income, hints that private consumption may have lost some stride. In other news, the state-owned oil company recently laid out plans to revamp the industry’s refining capacity. These include partnering up with a private refinery that is currently under construction in Lagos and is expected to be completed by end-2020, with the potential of transforming the country from a fuel importer to a net exporter.

Nigeria - Trade Balance Data

2013  2014  2015  2016  2017  
Trade Balance (USD billion)43.8  21.0  -6.4  -0.5  13.1  

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Note: Trade balance in USD bn.
Source: Central Bank of Nigeria

Nigeria Facts

Bond Yield13.530.0 %Jul 31
Exchange Rate306.33.08 %Jul 31
Stock Market0.10.0 %Jul 31

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